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Amend turbotax 202012/19/2023 ![]() ![]() ![]() "But they should be used carefully, as amending a return increases the statute of limitations for the IRS to audit that year of a tax return." "Amended returns are great for claiming a missed deduction or correcting an error discovered later," Stranger says. Note that if you filed your original return prior to the filing deadline, it is considered filed on the deadline, so you have until that date three years later to amend. If you do need to file an amended return, according to the IRS, you have either three years after the date you filed your original tax return (the one with the mistake you're now trying to fix) or two years after the date you paid your tax (if you owed) to file your amended return, whichever is longer. Reporting 1099 income that you didn't report previously (the IRS will often send you a letter in this situation).Carrying losses back to previous years to offset your income and get a refund.Adding tax credits that were previously overlooked.Changing the amount of income or expenses after you discover you miscalculated when filing the next year's return.Stranger says that common reasons for needing to amend your tax return include: But technology eventually prevailed, and now you can file amended returns with online tax software, as long as you also filed your original tax return online. Up until August 2020, you had to print a hard copy of Form 1040-X and mail it to the IRS, regardless of whether you filed your original return by mail or online. ![]() The form you must file to amend your return is 1040-X, the Amended US Individual Income Tax Return. If you make a mistake when filing your annual tax return, you can correct that mistake by filing an amended tax return. Here's what you need to know before you amend your tax return. "Filing amended returns is quite common and done for many legitimate reasons," she says. If you experience that "oh no" moment that means you've made a mistake on your tax return and need to file an amended return, don't panic.Ĭrystal Stranger, an enrolled agent, author of "The Small Business Tax Guide," and the international tax director at GBS Tax, says having to file an amended tax return isn't a big deal. ![]()
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